The Nigerian equity market All-Share Index (ASI) lost 752.93 points, or 2.72 per cent, to close at 26,910.23 on Wednesday, against 27,663.16 achieved the previous day, as pressure mounts on some investors to sell their shares.
Also, the market capitalisation shed N258 billion, or 2.72 per cent, to close at N9.242 trillion compared with N9.5 trillion posted on Tuesday.
Chief Operating Officer, InvestData Ltd., Ambrose Omordion, attributed the decline to profit booking embarked by some fund managers.
He said that the trend would likely continue unless there was improved liquidity in the system with the release of funds for 2016 budget implementation.
A review of the day’s trading showed that Nigerian Breweries at the top of the losers’ chart, after dropping by N6.70 to close at N99.11 per share, while Guinness followed with N5.21 loss to close at N99.11 and Lafarge Africa dipped N3.17 to close at N73.40 per share.
GT Bank shed N1.88 to close at N17.65, followed by MRS, which declined by N1.82 to close at N34.71 per share.
On the other hand, Cadbury led the gainers’ table with an addition of N1.52 to close at N18.37 per share, followed by Okomuoil, which gained N1.03 to close at N30.05, while Union Dicon Salt appreciated by 59k to close at N12.46 per share.
E-tranzact increased its value by 52k to close at N5.88 and UAC Property grew by 20k to close at N4.22 per share.
In spite of the drop posted by the market indices, the volume of shares traded closed higher with an exchange of 352.29 million shares valued at N3.85 billion transacted in 5,024 deals.
This was in contrast with a total of 335.06 million shares worth N3.15 billion traded in 4,301 deals on Tuesday.
Zenith Bank drove the turnover, exchanging 56.73 million shares valued at N770.38 million, while GT Bank followed with 39.46 million shares worth N696.59 million, and Transcorp traded 30.47 million shares valued at N37.24 million.
FBN Holdings sold 28.34 million shares worth N106.64 million and Ecobank Transnational Incorporated traded 27.65 million shares valued at N493.44 million.